tate Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years.

Small finance banks (SFBs) are niche banks which aim to extend financial services to under-banked customers. Since these banks are new, they offer higher interest rates than mainstream banks because they want to attract more customers. They also offer door-step services to customers. Consider this: on deposits below Rs. 1 crore, the largest lender of the country, State Bank of India (SBI), offers 6.8 per cent interest for a tenure of one year to less than two years. Jana Small Finance Bank offers 8.5 per cent for 181-365 days; Ujjivan Small Finance Bank pays 7.5 per cent on a tenor of 180 days to 364 days and Equitas Small Finance Bank pays 7.50 per cent for a period of 271 – 364 days.

Given below are fixed deposit interest rates of Jana Small Finance Bank, Ujjivan Small Finance Bank and Equitas Small finance Bank:

FD interest rates of Jana Small Finance Bank

Period

Interest Rate (per annum)

7 days to 45 days

6.00%

46 days to 60 days

6.50%

61 days to 180 days

7.00%

181 days to 365 days

8.50%

More than 1 year up to 2 years

8.50%

More than 2 years up to 3 years

8.50%

More than 3 years up to 5 years

8.50%

More than 5 years up to 10 years

7.00%

Source: janabank.com

(Also Read: This Zero Balance SBI Savings Account Can Be Opened Even Without Valid Documents)

Senior Citizens get an additional 0.6 per cent interest over and above the FD interest rate, the lender said.

A total of 0.75 per cent extra interest rate is paid to senior citizens, the lender said.

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